CALL 800.766.5804 Short Sale Dept x400 The sooner the better - seriously!
We have BUYERS and with the California Foreclosure Moratorium going on we need SELLERS!
California Property Liquidators who mostly counts on institutional sellers (banks, asset management, hedge funds) for listings is running short. on inventory With lenders not foreclosing on properties this leaves us short on listings and we need inventory!
What is a short sale?
It is a situation where you sell the property below what is owed. For example if you owe $300,000 and you sell the property for $200,000. You're selling the home, but because your selling for less than what is owed, the lender is mostly in control of the amount the property is to be sold for, how much commissions are paid, and any seller credits to the buyers.
When/why do you short sale?
There are a couple reasons when and why to short sale. One is when the lender has turned down a loan modification. The second is when the loan modification terms are unfavorable, and third is when your forced to move such as in a job situation.
Short Sale Advantages?
The largest advantage is saving your credit from the big "F" - Foreclosure being reported. This may mean a reduced drop in FICO score and being eligible in buying another home sooner. The best thing to do is call your lender/servicer and ask them in your circumstances what would the advantage be if you short sale'd the property as opposed to letting it foreclose. If the answer is favorable to you then call us.
Also, for the forgiven debt, the difference between what you owe and what the home is sold for, there is a Mortgage Forgiveness Debt Relief Act of 2007 which basically means you're forgiven paying tax on the debt dollar amount forgiven by the lender. Example you own $300,000 you sell for $200,000 there is a $100,000 difference, which under the Act you won't pay tax on. PLEASE check with your CPA, circumstances are different so make sure, same holds true with a foreclosure.
The Process?
Just like the foreclosure sale process we've created for institutional sellers we've systematically put together the short sale process making it easy and bearable for you and the lenders negotiator.
Who Pays California Property Liquidators?
The Lender! We work with the lender, the lender will produce what is called a 'net sheet' this is the bottom line after all the fee's are paid what dollar amount the lender will accept. We never ask for up front fee's, we are on commission for selling your property and our proceeds are calculated in the net sheet. If for some reason short selling your property cost you money it would be your choice to move forward. Canceling would cost you nothing.
Step 1.
You call us, we answer any questions you have, discuss your situation, and we verify the market value of your home at absolutely NO COST. If you want to move forward we take your information, ask you to email photo's of the property, and send you the necessary disclosures and agreements; which are standard California Association of Realtor agreements. and disclosures.
Step 2
We contact your bank and they'll send us a short sale package which we will forward to you to be filled out. Once you fill out the information send it back to us and we'll submit the paperwork to the lender.
Step 3
Soon after we submit the lender package we'll list you home on the MLS. California Property Liquidators DOES NOT place a for sale sign in the front yard or a lock box on your front door unless requested.
Step 4
We'll start to receive offers on your property which we will review with you for your OK then submit to the lender with a estimated net sheet.
Step 5
Once an offer is submitted the lender will assign a negotiator, the negotiator will be the one who our company will work with until the close of escrow. This person get a solid value of the property most likely by appraisal or BPO then once that is completed they send us a net sheet and close of escrow date. Form this point forward fairly close to standard transaction.
CALL 800.766.5804 x400